Affordable Care Act Consulting

The Affordable Care Act (ACA) has implications for all businesses, big or small, but the type and amount vary based on the number of your employees.

These can include, but are not limited to:

paying taxes

providing employees with health insurance

filing tax returns and/or annual report information

Our goal is to not only help you determine the facets that apply to your business, but also provide you with cost-effective solutions. The ACA has caused a rise in health insurance premiums, which can make it difficult to balance your business' budget. It has also implemented age-banded rates that are factored along with tobacco use to produce a number of pricing points. The array of variables that have to be considered when selecting health insurance for your employees can also present a challenge in keeping track of their contributions and payroll deductions toward the cost.

Fortunately, level or max-funded health insurance plans offer assistance with many of these hurdles. They offer level pricing at 25 to 40 percent less cost, allow you to choose the plan you offer employees and can pay back unused premiums yearly. With level-funded plans, the healthier your employees, the less of their premium they are likely to use and the more money your business may receive at the end of the contract year. Wellness programs can help employees stay active and eat right, while prescription drug concierge programs and tele medical benefits can decrease the amount of premium used by providing employees with cost-efficient alternatives to copays. These are risk management toolsthat can be added on to a number of health insurance plans.

The following are a few questions to ask yourself to begin the process of determining your business' compliance with the ACA:

How many full-time or full-time equivalent employees does my business have?

Is the health insurance plan I have chosen affordable for all employees?

Are all employees receiving the same coverage and benefits?

Contact us today with this information for further assistance with determining your business' compliance and learn more about your group insurance options.